OPENING CALL: The Australian share market is to open lower. SPI Future contract to open 65 points down.
Politicians and investors cheered the historic agreement among European Union leaders to throw southern members a EUR750 billion ($862 billion) lifeline to offset economic damage from the coronavirus pandemic.
Coca-Cola Sales Fall 28%, but It Says the Worst Is Over – Coca-Cola Co. said it believes the biggest challenges of the pandemic are behind it, despite the current surge in coronavirus cases in many parts of the U.S. About half of Coca-Cola’s business comes from away-from-home venues-the restaurants, bars, movie theaters and sports stadiums that were shut around the world during the second quarter because of the pandemic.
Australian Market
Australia’s S&P/ASX 200 index closed up 2.6% to 6156.3 as tech stocks led the S&P/ASX 200 to its best day in five weeks.
US Market
The Dow Jones Industrial Average rose, with energy prices and stocks rallying after a new fiscal stimulus package from the European Union provided new hope for fighting the pandemic’s economic fallout. The blue-chip average gained 0.6%, while the S&P 500 rose 0.2%. The Nasdaq Composite slipped 0.8%, a day after a closing at a record.
Commodities
Gold futures climbed to settle at a nearly nine-year high and silver rallied to prices not seen since 2014, with the precious metals lifted by an agreement on a fiscal rescue plan by European leaders and expectations for additional spending by the U.S. government.
Gold for August delivery on Comex rose $26.50, or 1.5%, to settle at $1,843.90 an ounce, after touching a high of $1,844.80.
Oil Futures
Crude-oil prices ended sharply higher, with prices marking their highest settlement since early March, as markets grow more positive about the world’s ability to address the COVID-19 pandemic which has crushed demand for crude and its byproducts.
West Texas Intermediate crude for August delivery on the New York Mercantile Exchange rose $1.15, or 2.8%, to settle at $41.96 a barrel.
Forex
European Markets
Asian Markets
Earlier in the day in Asia, Japanese stocks ended higher as gains in e-commerce, electronics and pharmaceutical companies offset losses in financial stocks. The Nikkei Stock Average rose 0.7% at 22884.22. China’s major stock-market indexes rose for the third consecutive session, cementing an upward momentum following a sharp fall last week. The Shanghai Composite Index edged 0.2% higher to 3320.89, while the smaller Shenzhen Composite Index gained 0.7%.
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